This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analysed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.

Refrigeration oil is used in a refrigeration system to lubricate the compressor and keep the refrigeration unit running smoothly. The purpose of oil in a refrigeration system is to lubricate the compressor that produces cold air. Oil reduces friction on metal parts, reducing wear and tear on the compressor and prolongs the life of the system.

Rising disposable income, increasing spending capacity among individuals resulting in growing demand for consumer appliances is a major factor driving growth of the global refrigeration oil market. In addition, growing demand for commercial refrigerators used in pharmaceutical and food industries is another factor expected to boost growth of the global refrigeration oil market.

However, stringent government regulations pertaining to CFC emission is expected to challenge growth of the global refrigeration oil market.

Increasing focus of the manufacturers for R&D activities to develop innovative products at low cost is expected to create new opportunities in terms of revenue to players operating in the global refrigeration oil market over the forecast period.

Asia Pacific market is expected to dominate in the global refrigeration oil market with higher revenue share as compared to that of the other regional markets, and is expected to continue its dominance during the forecast period. This can be attributed to rising disposable income among individuals leading to growing demand for various appliances and presence of prominent players operating in countries in this region. North America and Europe markets account for significant revenue shares in the global refrigeration oil market followed by markets in Latin America and Middle East & Africa respectively. The market in Europe is projected to register fastest growth in terms of revenue, owing increasing demand for commercial refrigerators from food and pharmaceutical industries in economies in this region.

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